EPF panel for all-India audit of trusts

New Delhi: The Employees Provident Fund organisation has ordered an all-India audit of exempted trusts under the EPFO’s supervision to verify whether the trusts are complying to the EPFO’s guidelines. Around 2,500 companies and establishments have been allowed by the government to have separate trusts to manage the employees provident fund.
Now, the EPFO will verify whether these trusts have adhered to the prescribed pattern of investment and are in possession of the securities in which their funds are invested.The verification would be done within May 28. In a statement, the ministry of labour, however, insisted that there has been no such mismatch ‘‘as per books’’ between the corpus of the trusts and the securities they hold. ‘‘The audit has been ordered to verify the actual position in all the exempted trusts,’’ it said.